Power generation companies in Nigeria have dismissed allegations by the Nigeria Labour Congress (NLC) that electricity firms are engaged in “institutionalised extortion,” describing the claims as misleading and harmful to efforts to stabilise the sector.
In a statement issued by Joy Ogaji, Chief Executive Officer of the Association of Power Generation Companies, the companies said recent remarks by NLC President, Joe Ajaero, misrepresented the realities of the Nigerian Electricity Supply Industry.
Ogaji acknowledged public frustration over unstable electricity but rejected claims that operators were exploiting Nigerians. She said GenCos are the most financially exposed players in the power value chain, as they generate electricity that is not fully paid for due to revenue shortfalls.
According to her, outstanding unpaid invoices now exceed ₦6 trillion, creating a severe liquidity crisis that threatens electricity supply nationwide.
The association also denied suggestions that proposed government financial interventions were politically motivated, insisting such support is necessary to prevent further sector collapse.
GenCos expressed willingness to subject their financial records to independent forensic review if required and urged organised labour to engage constructively, warning that inflammatory rhetoric could deter investment and worsen power shortages.
